Electromech Infra IPO

Easy to miss in the prospectus

• The three-year series changes basis halfway. FY26 is consolidated, following the acquisition of 93.90% of Sinerco Power Systems during that year; FY25 and FY24 are standalone. Growth rates measured across that break are not strictly like-for-like.
• Jika is not in the restated numbers. The draft also carries Proforma Consolidated Financial Information illustrating FY26 as if the Jika acquisition had closed on 1 April 2025: revenue from operations of ₹510.96 Cr and profit of ₹50.56 Cr, against the restated ₹427.05 Cr and ₹36.19 Cr. It is illustrative only, and the draft says so; control of Jika was actually taken on 18 September 2026, in FY27.
• The disclosed margins use total income as the denominator, not revenue from operations. FY26 total income was ₹430.42 Cr against ₹427.05 Cr of revenue from operations, so the 10.80% EBITDA margin and 8.41% PAT margin become 10.89% and 8.47% when struck on revenue from operations instead.
• Return on net worth here is the issuer's own figure, computed on CLOSING total equity by its stated note rather than on average net worth. On average net worth the FY26 figure would be 33.12% rather than 24.34%, and the fall from 45.70% and 42.24% is partly the ₹45.50 Cr of equity issued during FY26 rather than a fall in earning power.
• Net worth of ₹148.72 Cr is total equity and includes ₹0.21 Cr of non-controlling interest; equity attributable to owners was ₹148.51 Cr. Profit attributable to owners was ₹36.21 Cr against the ₹36.19 Cr group figure the draft uses for RoNW and PAT margin, and which this record carries throughout.
• The peer set is explicitly indicative. The draft states there are no directly comparable listed Indian companies and names Blue Star, Voltas, Dynacons Systems and Solutions and Black Box as a broad industry reference. The peer revenue column here is each company's TOTAL INCOME as the draft presents it, and the P/Es are struck on BSE closing prices of 18 September 2026 against FY26 basic EPS. The draft reports an industry P/E of 15.21 at the low, 99.56 at the high and an arithmetic average of 59.56 across those four names.
• The draft reserves a pre-IPO placement of up to 20% of the fresh issue, to be done at the company's discretion before the red herring prospectus is filed with the Registrar of Companies, and states that whatever it raises would be deducted from the ₹326 Cr fresh issue.
• FY25 operating cash flow is printed two ways in the filing: ₹1,783.61 lakhs in the restated cash flow statement and in risk factor 15, and ₹1,783.67 lakhs in the summary of restated financial information that the draft abridged prospectus reproduces. Both round to the ₹17.84 Cr used here.
• The contingent-liability tables disagree with themselves. The summary on page 91 attributes ₹1.49 Cr to a service tax dispute, ₹0.11 Cr to Arraystrom, ₹0.31 Cr to Choudhary Scaffolding and ₹0.03 Cr to TDS; risk factor 43 carries the same four amounts shifted one row down against the labels, so each lands beside the wrong counterparty. The ₹1.95 Cr total is the same in both.
• Net asset value per share is not comparable year to year - ₹80.66 at FY24, ₹24.93 at FY25, ₹47.29 at FY26 - because the share count moved through a bonus issue and two sub-divisions, from ₹100 face value to ₹10 and then to ₹5, as well as fresh issuance.
• The weighted average cost of acquisition of all equity shares transacted by shareholders is disclosed, adjusted for that bonus issue and those splits, at ₹47.50 over the last three years, ₹116.51 over the last eighteen months and ₹111.40 over the last one year. AIG Direct LLC's 25,77,576 shares were acquired at a weighted average of ₹89.23; the four promoters acquired no shares in the twelve months before the draft.
• Allocation is recorded as 50/15/35 because that is what the draft states - not more than 50% of the net offer to qualified institutional buyers, not less than 15% to non-institutional bidders and not less than 35% to retail individual bidders.
• The headcount of 511 is full-time employees at 31 July 2026. The attrition disclosure counts 429 employees at 31 March 2026, 319 at FY25 and 253 at FY24, so the two figures are different dates rather than different definitions.
• The industry figures throughout - MEP at 70-75% of data-centre construction cost, 910-1,010 MW of capacity added over FY22 to FY26, an installed base of 1,550-1,650 MW rising to a projected 4,800-5,200 MW by FY30, and GCC data-centre capex of $25-30 billion over CY26-30 - all come from a Crisil report the company commissioned and paid for in connection with this offer.
• Two of the three independent directors, Pravin Devchand Thakkar and Krishnakumar Venkateswaran Iyer, also sit on the board of Jika EPC Services Limited, the subsidiary ₹76.48 Cr of the net proceeds is earmarked to buy further into.